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SEOUL - SOUTH Korean police said on Thursday they have arrested a 53-year-old man for kidnapping his millionaire former college classmate and extorting US$10.3 million (S$14 million) from him.
Police said the suspect, identified only as Lee, was arrested on Wednesday, a day after the victim was released from an 80-day confinement.
Lee was accused of colluding with seven colleagues, who are still being hunted, to steal 10.8 billion won.
Lee had stayed with his victim, a real estate dealer living alone at a luxury apartment in southern Seoul, before taking him hostage on March 1.
The gang periodically drugged their victim to prevent him from contacting police and at other times ordered him to talk with his family by telephone so they would not become suspicious, the JoongAng Daily reported.
They forced him to take out loans worth 7.8 billion won using his properties as collateral and drained three billion won from his bank account.
Police started an investigation after the victim's sister told them his home had been vacant for a long time and he was calling her at unusual hours.
He was freed unharmed on Tuesday.
The seven accomplices have fled to the Philippines, the paper said. -- AFP
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